The meme coin Bonk (BONK) saw its value increase by over 20% in just one Day. This massive single-day rally has many cryptocurrency investors excited about Bonk’s potential. At the beginning of the year, Bonk’s price was very low, trading at just a tiny bit of a cent.
Its price is still under one cent; however, hype and interest surrounding the meme-inspired cryptocurrency have caused its value to skyrocket. Now, some optimistic forecasters think Bonk could see gains of 300% or more in the future if momentum continues.
For cryptocurrency bulls, Bonk’s value explosion makes it a hot investment prospect right now. But how far can it go?
Bonk Price Action as Bulls Persist
Bonk (BONK) has seen incredible growth over the past two months due to its growing popularity and hype within the meme community. In early November 2023, Bonk was trading sideways around $0.0000023.
However, by mid-November, the price made a sudden spike up to $0.0000055.
This pump was likely triggered by the bullish sentiment within the broader market. This first rally saw Bonk gain over 139% in value in just a couple of weeks. After consolidating around $0.000006 for a brief period, Bonk underwent a second leg up, surging 100% and striking off one decimal place to $0.00001 within a week.
Notably, due to the massive bullish pressure, the price hit an all-time high of $0.000035 on December 15, with trading volume exploding to over $400 million. However, there has been a bit of bearish momentum that has pushed down the price to $0.000015.
In the past seven days, Bonk has been battling bearish pressure, and according to CoinMarketCap, it’s down by over 17% within this time frame. Fortunately, the coin has recorded a growth of nearly 280% in the last month, showing that the bulls are still active.
BONK Poised for Bullish Ride after Support Bounce–Technicals Suggest Run to New Highs
Bonk (BONK) bounced off a minor support level around $0.000012 on December 28 after the bears pushed it down from its recent highs above $0.000034. This recent move has seen BONK starting to regain ground.
Right now, the token trades around $0.000015 and appears to be heading back up bullishly toward previous highs. BONK’s relentlessness above the $0.000012 support shows bulls are actively defending their positions.
If buying momentum can continue, BONK could technically try to reclaim the past high of $0.00034 soon.
Based on the indicators, the recent pullback saw BONK dip slightly below the SMA line of the Bollinger Bands. However, with the current bounce back upwards, BONK is making a comeback to the SMA line.
This supports the argument for a resumption of bullish momentum.
The relative strength index (RSI) for BONK is currently around 51, in the neutral territory after having slipped during the recent bearish pressure. The RSI rebound aligns with the price bouncing back from oversold conditions. If bulls can maintain control, BONK could make another push upwards to retest $0.00003.
Bonk Token is Now Live for Trading on the Zeta Platform with Special Incentives
Merry BONKmas, manlets 🎅
⚡ $BONK Perpetuals are now live for trading on Zeta ⚡
Trade $BONK perps between now and the 31st of December and earn 2x Z-Score!
‘Tis the Season of giving, after all…
🎁 🎄 pic.twitter.com/rTvkZANyQH
— Zeta Markets | v2 Live 🔥 (@ZetaMarkets) December 28, 2023
A few hours ago, Bonk retweeted a post saying that its token is now live for trading on the Zeta platform. This means that users can now trade BONK perpetual on Zeta. Adding to the joy, they said, “Trade $BONK perps between now and December 31 and earn 2x Z-Score.”
This is an incentive for traders to engage with BONK on the Zeta platform. This is good for the Bonk. It shows exchanges are noticing the token. And it may attract others and more buyers, which will increase the demand for the token.
As Bonk is Getting Ready for New High, a New Contender Catches Investors Eyes
While BONK tokens continue to soar, this new project, Meme Kombat Investor, is also making waves. Meme Kombat presale has raised over $5.2 million so far, a big success attributed to its unique gaming features, which have attracted many crypto investors.
Meme Kombat combines staking and betting features, which taps into a specific market within crypto. This sets it apart and appeals to the growing community of crypto gamers.
MK tokens go for a lower price of $0.268 each,
